SEC Form 6-K filed by KB Financial Group Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2024

Commission File Number: 000-53445

 

 

KB Financial Group Inc.

(Translation of registrant’s name into English)

 

 

26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

 

 

 

Preliminary Operating Results for the First Half of 2024

On July 23, 2024, KB Financial Group Inc. (“KB Financial Group”) held an earnings conference and released its preliminary operating results for the first half of fiscal year 2024. The following tables reflect the key figures released during the conference. The presentation materials for the conference, which contain further details, are available at KB Financial Group’s website (http://www.kbfg.com).

The preliminary figures presented herein are based on International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) and are currently being reviewed by KB Financial Group’s independent auditors and are therefore subject to change.

 

1.	Preliminary Operating Results of KB Financial Group (Consolidated)

 

(Won in millions, %)				2Q 2024				1Q 2024				% Change Increase (Decrease) (Q to Q)				2Q 2023				% Change Increase (Decrease) (Y to Y)
Operating revenue		Specified Quarter			19,918,040				23,352,449				(14.71	)			15,901,595				25.26
		Cumulative			43,270,489				23,352,449				—				40,734,330				6.23
Net operating profit		Specified Quarter			2,302,268				2,355,448				(2.26	)			2,052,822				12.15
		Cumulative			4,657,716				2,355,448				—				4,192,849				11.09
Profit before income tax		Specified Quarter			2,369,252				1,407,484				68.33				1,960,469				20.85
		Cumulative			3,776,736				1,407,484				—				4,004,335				(5.68	)
Profit for the period		Specified Quarter			1,710,680				1,063,214				60.90				1,504,631				13.69
		Cumulative			2,773,894				1,063,214				—				3,014,922				(7.99	)
Profit attributable to shareholders of the parent company		Specified Quarter			1,732,225				1,049,133				65.11				1,498,916				15.57
		Cumulative			2,781,358				1,049,133				—				3,007,624				(7.52	)

 

Notes: 1)		“Operating revenue” represents the sum of interest income, fee and commission income, insurance income, reinsurance income, gain on financial assets/liabilities at fair value through profit or loss, other insurance finance income and other operating income.
2)		KB Financial Group’s preliminary operating results for the first half of 2024 and the operating results for the first quarter of 2024 reflect the application of the variable fee approach for measuring insurance liabilities, which was adopted in the fourth quarter of 2023 in accordance with the IFRS17 actuarial assumption guidelines of the Financial Supervisory Service. For comparison purposes, the figures for the first half of 2023 above have been restated retrospectively to reflect such application.

2.	Preliminary Operating Results of Kookmin Bank (Consolidated)

 

(Won in millions, %)				2Q 2024				1Q 2024				% Change Increase (Decrease) (Q to Q)				2Q 2023				% Change Increase (Decrease) (Y to Y)
Operating revenue		Specified Quarter			11,822,663				14,403,010				(17.92	)			8,817,685				34.08
		Cumulative			26,225,673				14,403,010				—				23,736,807				10.49
Net operating profit		Specified Quarter			1,421,558				1,440,393				(1.31	)			1,222,012				16.33
		Cumulative			2,861,951				1,440,393				—				2,490,152				14.93
Profit before income tax		Specified Quarter			1,510,892				496,625				204.23				1,188,087				27.17
		Cumulative			2,007,517				496,625				—				2,423,251				(17.16	)
Profit for the period		Specified Quarter			1,089,094				377,253				188.69				919,941				18.39
		Cumulative			1,466,347				377,253				—				1,841,865				(20.39	)
Profit attributable to shareholders of the parent company		Specified Quarter			1,116,338				389,535				186.58				926,992				20.43
		Cumulative			1,505,873				389,535				—				1,858,508				(18.97	)

 

Note:

“Operating revenue” represents the sum of interest income, fee and commission income, gain on financial assets/liabilities at fair value through profit or loss and other operating income.

3.	Preliminary Operating Results of KB Securities Co., Ltd. (“KB Securities”) (Consolidated)

 

(Won in millions, %)				2Q 2024				1Q 2024				% Change Increase (Decrease) (Q to Q)				2Q 2023				% Change Increase (Decrease) (Y to Y)
Operating revenue		Specified Quarter			2,273,350				3,460,114				(34.30	)			1,805,906				25.88
		Cumulative			5,733,464				3,460,114				—				6,130,156				(6.47	)
Net operating profit		Specified Quarter			243,362				253,337				(3.94	)			194,063				25.40
		Cumulative			496,699				253,337				—				458,262				8.39
Profit before income tax		Specified Quarter			233,655				243,044				(3.86	)			142,728				63.71
		Cumulative			476,699				243,044				—				331,540				43.78
Profit for the period		Specified Quarter			180,614				198,853				(9.17	)			110,304				63.74
		Cumulative			379,467				198,853				—				252,254				50.43
Profit attributable to shareholders of the parent company		Specified Quarter			179,528				199,335				(9.94	)			110,345				62.70
		Cumulative			378,863				199,335				—				252,239				50.20

 

Notes: 1)		Based on KB Securities’ consolidated financial statements, as a result of which the figures differ from KB Securities’ earnings results to be released at KB Financial Group’s earnings conference for the first half of 2024, which are based on KB Financial Group’s consolidated financial statements.
2)		“Operating revenue” represents operating income based on KB Securities’ financial statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				KB Financial Group Inc.
				(Registrant)
Date: July 23, 2024				By: /s/ Jae Kwan Kim
				(Signature)
				Name: Jae Kwan Kim
				Title: Senior Executive Vice President and Chief Finance Officer